C-Capture secures £8 million from existing shareholders and the Future Fund
In the United Kingdom (UK), C-Capture Ltd, the designer of leading and innovative chemical processes for carbon dioxide (CO2) removal has announced that it has completed a GBP 8 million (≈ EUR 9.3 million) funding round supported by existing shareholders IP Group, Drax Group, and bp Ventures, with additional funding from the British Business Bank’s Future Fund.
Based in Leeds, C-Capture is developing what it says will be the world’s most energy-efficient- processes for the capture of carbon dioxide (CO2). It has patented a unique, safe, low-cost carbon capture technology that uses up to 40 percent less energy than current commercially available technologies.
The technology uses a new class of capture solvents that are amine and nitrogen-free, are not classified as hazardous, are inexpensive, and could be manufactured on a large scale from biological sources.
C-Capture is a testament to the potential for new science to shape the world for the better. C-Capture has the potential to be one of the most impactful startups in the world’s future energy system. At IP Group we are proud to have been there from the beginning, helping to build the company up from its foundations, said Ben Murphy, Investment Director at IP Group and C-Capture Director.
According to the company, the investment reflects the confidence of the C-Capture board in C-Capture’s groundbreaking technology and the government’s support for companies who have the potential to help solve the climate crisis.
Additional investment from our shareholders supports C-Capture in further optimizing its carbon capture technology, improving performance whilst driving down costs. The benefits our technology can offer over current state-of-the-art carbon capture technologies may help deployment across a range of sectors to be accelerated. Securing this round of investment allows our technical team to really focus on developing a product that will change the way the world thinks about carbon capture, said Tom White, CEO of C-Capture.
Operating industrial pilots
Carbon removal technologies are essential in addressing the climate crisis. Drax and C-Capture will continue to work together to develop the vital negative emissions technology, bioenergy with carbon capture and storage, expected to make a significant contribution towards the UK reaching its legally binding net-zero by 2050 target, said Jason Shipstone, Chief Innovation Officer at Drax Group and C-Capture Director.
In addition, the company was awarded funding in November 2020 through Innovate UK’s Sustainable Innovation Fund. The award will support experiments to quantify the compatibility of C-Capture’s carbon capture technology with the requirements of the glass manufacturing industry.
C-Capture was supported in their application by UK glass manufacturer, Pilkington United Kingdom Ltd (Pilkington). Experiments will assess the feasibility of deploying its carbon capture technology, seen as an important step forward in decarbonizing glass manufacturing, on-site at Pilkington.
Carbon capture is an essential technology for the energy transition, as according to the International Energy Agency (IEA) Sustainable Development Scenario, it will account for 7 percent of the cumulative emissions reductions needed globally by 2040. bp Ventures recognizes C-Capture’s progress in developing the technology, and in helping to meet that important target, said Martin Sellers, Low Carbon Digital Technology Principal at bp and C-Capture Director.